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Extra Space Storage secures USD1.15b credit facility.

BANKING AND CREDIT NEWS-October 18, 2016-Extra Space Storage secures USD1.15b credit facility

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Salt Lake City, Utah-based Extra Space Storage Inc. (NYSE: EXR) has completed USD1.15 billion in unsecured bank financing through a senior unsecured credit facility consisting of a USD500.0 million senior unsecured revolving credit facility, a USD430.0 million senior unsecured five-year term loan and a USD220.0 million senior unsecured seven-year term loan, the company said.

US Bank National Association, Wells Fargo Securities, Merrill Lynch, Pierce, Fenner & Smith, and PNC Capital Markets were joint lead arrangers and joint book runners of the facility.

The credit agreement provides the company an option to increase capacity by an additional USD350.0 million for a total of USD1.5 billion. Pricing at closing will be an initial interest rate of LIBOR + 1.40% for the senior unsecured revolving credit facility, LIBOR + 1.35% for the senior unsecured five-year term loan and LIBOR + 1.70% for the senior unsecured seven-year term loan.

Extra Space Storage is a fully integrated, self-administered and self-managed real estate investment trust that owns and/or operates self-storage properties in 38 states, Washington, D.C. and Puerto Rico. The Company's properties comprise approximately 955,000 units and approximately 107 million square feet of rentable storage space.

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Publication:M2 Banking & Credit News (BCN)
Date:Oct 18, 2016
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